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What Microeconomics is about?( )
A:Study of the Economy at Micro Level
B:Study of Business Environment
C:Study of financial position of the economy
答案: Study of the Economy at Micro Level
Economics proceeds by making models of ( ), which are simplified representations of reality.
A:social phenomena
B:stories
C:people’s imagination
答案: social phenomena
The demand curve shows ( )
A:how much people would like to pay at the reserve prices.
B:how much firms would like to sell at each prices.
C:how much market would like to trade.
答案: how much people would like to pay at the reserve prices.
The conflict between the scarce economic wants of society and its limited resources gives rise to the economizing problem.
A:对
B:错
答案: 对
The only requirement for a market to be perfectly competitive is for the market to have many buyers and sellers.
A:错
B:对
答案: 对
Econimics is the study of
A:How to maxmize the profit
B:How to make economic policies
C:How societies use scarce resources
D:How to maxmize comsumer wealth
答案: How societies use scarce resources
Scarce resources mean
A:Resources will be exhausted
B:Resources are not renewable
C:Comparing with demand, resources are always limited
D:Resource must be protect for next generation
答案: Comparing with demand, resources are always limited
In market, prices will transfer information about supply and demand
A:错
B:对
答案: 对
Economic equilibrium means the economic status will not be changed without others changing.
A:对
B:错
答案: 错
Market allocation of resources means market use prices as signals to allocate resources to their highest valued use.
A:错
B:对
答案: 对
If there are two goods with positive prices and the price of one good is reduced, while income and other prices remain constant, then the size of the budget set is reduced.
A:错
B:对
答案: 错
If preferences are transitive, more is always preferred to less.
A:对
B:错
答案: 错
With quasi-linear preferences, the slope of indifference curves is constant along all rays through the origin.
A:对
B:错
答案: 错
Hans has 27 dollars, which he decides to spend on x and y. Commodity x costs $16 per unit and commodity y costs $10 per unit. He has the utility function U (x, y)=5×2 + 2y2 and he can purchase fractional units of x and y.
A: Hans will choose only x.
B: Hans will choose some of each commodity, but more x than y.
C: Hans will chose some of each commodity, but more y than x.
D: Hans will choose only y.
答案: Hans will choose only y.
Wanda Littlemore’s utility function is U (x, y) = x + 63y2.Her income is 184. If the price of x is 1 and the price of y is 33, how many units of good x will Wanda demand?
A:24
B:22
C:17
D:19
答案: 19
If one utility function is a monotonic transformation of another, then the former must assign a higher utility number to every bundle than the latter.
A:对
B:错
答案: 错
If a consumer does not have convex preferences, then a point of tangency between her indifference curve and her budget line must be an optimal consumption point.
A:对
B:错
答案: 错
Isobel consumes positive quantities of both jam and and juice. The price of jam is 5 cents per unit and the price of juice is 10 cents per unit. Her marginal utility of jam is 10 and her marginal utility of juice is 5.
A:
Without changing her total expenditures, she could increase her utility by consuming more jam and less juice.
B:
Without changing her total expenditures, she could increase her utility by consuming more juice and less jam.
C:
Without changing her total expenditures on jam and juice, she could not increase her utility.
D:
We can’t tell whether any of the other statements are true or false without knowing the quantities she consumes.
答案:
Without changing her total expenditures, she could increase her utility by consuming more jam and less juice.
A:22
B:17
C:19
D:24
答案: 19
If the equlibrium price of gasoline is $1.00 per gallon and the government places a price ceiling on gasoline of $1.50 per gallon, the result will be a shortage of gasoline
A:错
B:对
答案: 错
If preferences are quasilinear, then for very high incomes the income offer curve is a straight line parallel to one of the axes.
A:对
B:错
答案: 对
If two goods are substitutes, then an increase in the price of one of them will increase the demand for the other.
A:错
B:对
答案: 对
An Engel curve is a demand curve with the vertical and horizontal axes reversed.
A:错
B:对
答案: 错
Daisy received a tape recorder as a birthday gift and is not able to return it. Her utility function is U(x,y,z)=x+z1/2f(y)where z is the number of tapes she buys, y is the number of tape recorders she has and x is the amount of money she has left to spend. f(y)=0if y
A:
4
B:
8
C:
6
D:
2
答案:
4
Mike consumes two commodities, x and y; and his utility function is min{x +2y,y+2x}. He chooses to buy 8 units of good x and 16 units of good y. The price of good y is 0.50. What is his income?
A:16
B:40
C:32
D:24
答案: 16
Quasilinear preferences are homothetic when the optimal amount of one of the goods is not affordable.
A:对
B:错
答案: 错
Walt consumes strawberries and cream but only in the fixed ratio of three boxes of strawber ries to two cartons of cream. At any other ratio, the excess goods are totally useless to him. The cost of a box of strawberries is 10 and the cost of a carton of cream is 10. Walt’s income is 200.Which of the following is true?
A:Walt demands 10 cartons of cream.
B:Walt demands 10 boxes of strawberries.
C:Walt demands 12 boxes of strawberries.
D:Walt considers strawberries and cartons of cream to be perfect substitutes.
答案: Walt demands 12 boxes of strawberries.
Madonna buys only two goods. Her utility function is Cobb-Douglas. Her demand functions have which of the following properties?
A:Her demand for each of the two goods depends only on her income and on the price of that good itself.
B:Her demand for one of the two goods does not depend on income.
C:Her demand for neither good depends on income.
D:Her demand for each of the goods depends on income and on the prices of both goods.
答案: Her demand for each of the two goods depends only on her income and on the price of that good itself.
The downward sloping demand curve can be explained by：
A:Diminishing marginal utility
B:Diminishing marginal returns
C:none of all
D:The income effect
答案: Diminishing marginal utility;
The income effect
Other things held constant, which of the following would not cause a change in demand for beef?
A:A decrease in consumers’ incomes during a recession
B:An expectation that next month prices will be lower
C:A decrease in the price of beef
D:An increase in the price of chicken which is a substitute for beef
答案: A decrease in the price of beef
The strong axiom of revealed preference requires that if a consumer chooses x when he can afford y; and chooses y when he can afford z; then he will not choose z when he can afford x.
A:对
B:错
答案: 对
If a consumer maximizes a utility function subject to a budget constraint and has strictly convex preferences, then his behavior will necessarily satisfy the weak axiom of revealed preference and the strong axiom of revealed preference.
A:对
B:错
答案: 对
The Laspeyres price index differs from the Paasche price index because the Laspeyres index holds prices constant and varies quantities while the Paasche price index holds quantities constant and varies prices.
A:错
B:对
答案: 错
Let A stand for the bundle (7,9);B stand for the bundle (10,5); and C stand for the bundle (6,6). When prices are (2,4); Betty chooses C. When prices are (12,3) she chooses A. Which of the following is true?
A:A is directly revealed preferred to B.
B:C is directly revealed preferred to A.
C:A is indirectly revealed preferred to B.
D:None of all
答案: None of all
Remember that the Laspeyres price index uses the old quantities for the weights. In 1971, good x cost 3 and good y cost 1. The current price of good x is 3 and the current price of good y is 5. In 1971 the consumption bundle was (x,y) = (3,5). The current consumption bundle is (x,y) = (9 ,4). The Laspeyres index of current prices relative to 1971 prices is closest to which of the following numbers?
A:
2.43
B:
0.30
C:
3.36
D:
1.52
答案:
2.43
It follows from the weak axiom of revealed preference that if a consumer chooses x when he could afford y and chooses y when he could afford x; then his income must have changed between the two observations.
A:错
B:对
答案: 错
At prices (4,12); Harry chooses the bundle (9,4). At the prices (8,4); Harry chooses the bundle (2,9). Is this behavior consistent with the weak axiom of revealed preference?
A:Yes
B:It depends on his income.
C:We would have to observe a third choice to be able to say.
D:No
答案: Yes
A student spends all of her income on pizza and books. When pizzas cost $3 each and books cost $10 each, she consumed 30 pizzas and 3 books per month. The price of pizzas fell to $2.90 each while the price of books rose to $11 each. The price change:
A:made her worse off
B:left her exactly as well off as before.
C:had the same effect as a $3 increase in her income.
D:left her at least as well off as before and possibly helped her.
答案: left her at least as well off as before and possibly helped her.
If the bundle x is revealed (directly or indirectly) as preferred to the bundle y and x ¹ y, then it is never the case that the y is revealed (directly or indirectly) as preferred to x; so the necessary and sufficient condition for well-behaved preference is ( )
A:indirectly preferred
B:convexity and monotonicity
C:Strong Axiom of Revealed Preference
D:Revovering indifference curve
答案: Strong Axiom of Revealed Preference
Revealed preference analysis tests the behavioral hypothesis that a consumer chooses the most preferred bundle from those available.Discover the consumer’s preference relation.
A:对
B:错
答案: 错
A Giffen good must be an inferior good.
A:错
B:对
答案: 对
The compensated demand function refers to the demand function of someone who is adequately paid for what he for she sells.
A:错
B:对
答案: 错
In the case of homothetic preferences the entire change in demand from a price change is due to the substitution effect.
A:对
B:错
答案: 错
Walt considers x and y to be perfect substitutes. They originally cost 10 and 9 respectively. His income is 720. One day the price of x drops to 8. Which of the following is true?
A:The income effect increases the quantity of y by 90．
B:The income effect increases the quantity of x by 80.
C:The substitution effect increases the quantity of y by 80.
D:The substitution effect increases the quantity of x by 90
答案: The substitution effect increases the quantity of x by 90
Suppose that bananas are a normal good and Woody is currently consuming 100 bananas at a price of 10 cents each.
A:His ordinary demand curve going through this point is steeper than his Slutsky compensated demand curve.
B:Whether his ordinary demand curve or his compensated demand curve is steeper, depends on whether his price elasticity is greater than 1.
C:His ordinary demand curve is steeper to the left and his Slutsky compensated demand curve is steeper to the right of this point.
D:His Slutsky compensated demand curve going through this point is steeper than his ordinary demand curve.
答案: His Slutsky compensated demand curve going through this point is steeper than his ordinary demand curve.
John purchases two goods, x and y. Good x is an inferior good for some range of income.There must be another range of income for which good x is a normal good.
A:对
B:错
答案: 对
The following can be said about the income and substitution effects of a price increase on the demand for the good whose price rose:
A:Both can be either positive or negative.
B:The former is always positive and the latter is always negative.
C:While the latter is always negative, the former can be either positive or negative.
D:While the former is always negative, the latter can be either positive or negative.
答案: While the latter is always negative, the former can be either positive or negative.
When the price of x rises, Marvin responds by changing his demand for x. The substitution effect is the part of this change that represents his change in demand:
A:if he is allowed to substitute as much x for y as he wishes.
B:none of all.
C:holding the prices of substitutes constant.
D:if his money income is held constant when the price of x changes.
答案: none of all.
nonnegative means ( )
A:If we have a normal good, the subtitution effect and the income effect work in is nonnegative.
B:If the price of a good goes up, if the good is a normal good, then it is nonnegative
C:
If price of good goes down, the change in the demand for the good due to the subtitution effect must be nonnegative
D:
For samll changes in price, Hicks and Slutsky definitions for substitution effects are nonnegative
答案:
If price of good goes down, the change in the demand for the good due to the subtitution effect must be nonnegative
opposite to that of the price change, ( ) just like the sultsky substitution effect
A:SARP is both a necessary and a sufficient condition ( Unlike WARP) for what?
B:The substitution effect is
C:Hicks substitution effect must be in a direction
D:Hicks substitution effect
答案: Hicks substitution effect must be in a direction
If a rational utility maximizer is a net demander of a good, and if an increase in its price
causes him to buy more of it, then it must be an inferior good.
A:对
B:错
答案: 对
If a consumer is a buyer of some goods and a seller of others, then a change in prices will generate an extra income effect in the Slutsky equation due to the revaluation of the consumer’s endowment.
A:对
B:错
答案: 对
If a utility maximizer is a net seller of something and the price of that good rises while other prices stay constant, her situation might improve so much that she becomes a net buyer
A:对
B:错
答案: 错
Marsha Mellow is very flexible. She consumes x and y. She says `Give me x or give me y; I don’t care. I can’t tell the difference between them.’ She is currently endowed with 14 units of x and 6 units of y. The price of x is 4 times the price of y. Marsha can trade x and y at the going prices, but has no other source of income. How many units of y will Marsha consume?
A:20
B:6
C:66
D:62
答案: 62
Yoram insists on consuming 3 times as much y as he consumes of x (so he always has y = 3x). He will consume these goods in no other ratio. The price of x is 2 times the price of y. Yoram has an endowment of 24 x0s and 42 y0s which he can trade at the going prices. He has no other source of income. What is Yoram’s gross demand for x?
A:16
B:66
C:18
D:90
答案: 18
If leisure is a normal good, then an increase in non-labor income will reduce labor supply.
A:对
B:错
答案: 对
Mr. Cog has 18 hours per day to divide between labor and leisure. His utility function is U (C,R) = CR; where C is dollars per year spent on consumption and R is hours of leisure. If he has a nonlabor income of 40 dollars per day and a wage rate of 8 dollars per hour, he will choose a combination of labor and leisure that allows him to spend:
A:82 dollars per day on consumption.
B:184 dollars per day on consumption.
C:112 dollars per day on consumption.
D:92 dollars per day on consumption.
答案: 92 dollars per day on consumption.
If Abishag owns 12 quinces and 10 kumquats, and if the price of kumquats is 3 times the price of quinces, how many kumquats can she afford if she buys as many kumquats as she can?
A:22
B:10
C:14
D:28
答案: 14
If Abishag owns 16 quinces and 15 kumquats, and if the price of kumquats is 4 times the price of quinces, how many kumquats can she afford if she buys as many kumquats as she can?
A:19
B:15
C:38
D:31
答案: 19
The share price of Grath Oil is currently $77.06. Several months ago, when the price was $51.21, Charles bought 186 shares of Grath Oil. If he sells all of his stock in Grath Oil today, how much profit will he make? → $1,504.17
A:错
B:对
答案: 错
Consumer’s surplus is another name for excess demand.
A:对
B:错
答案: 错
The equivalent variation in income from a tax is the amount of extra income that a consumer would need in order to be as well off after the tax is imposed as he was originally.
A:对
B:错
答案: 错
With quasilinear preferences, the equivalent variation and the compensating variation in income due to a tax are the same.
A:错
B:对
答案: 对
Ella’s utility function is min{4x,y}. If the price of x is 15 and the price of y is 20, how much money would she need to be able to purchase a bundle that she likes as well as the bundle(x,y) = (5,8)?
A:190
B:92
C:198
D:235
答案: 190
Sam’s utility function is U (x,y)=2x + y where x is the number of x’s he consumes per week and y is the number of y’s he consumes per week. Sam has $200 a week to spend. The price of x is 4. Sam currently doesn’t consume any y. Sam has received an invitation to join a club devoted to consumption of y. If he joins the club, Sam can get a discount on the purchase of y. If he belonged to the club he could buy y for $1 a unit. How much is the most Sam would be willing to pay to join this club?
A:$100 a week
B:nothing
C:$50 a week
D:$40 a week
答案: $100 a week
Sir Plus has a demand function for mead that is given by the equation D(p) = 100-P.If the price of mead is 75, how much is Sir Plus’s net consumer surplus?
A:625
B:156.25
C:25
D:312.5
答案: 312.5
Sam has quasilinear preferences and his demand function for x is D(p) = 15-p/3.The price of x is initially $15 per unit and increases to $24 per unit. Sam’s change is consumer surplus is the closest to:
A:-168
B:-76
C:75
D:-27
答案: -76
At the initial prices, Teodoro is a net seller of apples and a net buyer of bananas. If the price of apples decreases and the price of bananas does not change:
A:the compensating variation must be negative and the equivalent variation positive.
B:both the compensating variation and the equivalent variation must be positive.
C:the compensating variation must be positive and the equivalent variation negative.
D:both the compensating variation and the equivalent variation must be negative.
答案: both the compensating variation and the equivalent variation must be positive.
( ) is the difference between what consumers are willing and able to pay for a good and what they actually pay for the good.
A:Consumer Surplus
B:marginal product
C:Demand curves
D:measures of cost
答案: Consumer Surplus
( ) depict the various quantities that buyers would be willing and able topurchase at different prices
A:Consumer surplus
B:Demand curves
C:Average costs
D:Fixed cost
答案: Demand curves
The inverse demand curve P (x) for a good x measures the price per unit at which the quantity x would be demanded.
A:对
B:错
答案: 对
If a price changes, then changes in consumption at the intensive margin are changes that happen because consumers alter the amounts that they consume, but do not either stop consuming or start consuming the good.
A:对
B:错
答案: 对
If the demand function is q = 3m=p; where m is income and p is price, then the absolute value of the price elasticity of demand decreases as price increases.
A:对
B:错
答案: 错
A peck is 1/4 of a bushel. If the price elasticity of demand for bran is -0.2 when bran is measured in bushels, then when bran is measured in pecks, the price elasticity of demand for bran will be:
A:None of all
B:-0.05
C:-0.1
D:-0.8
答案: None of all
Marginal revenue is equal to price if the demand curve is horizontal.
A:对
B:错
答案: 对
The constant elasticity of demand for cigarettes has been estimated to be 0.5. To reduce smoking by 75%, approximately how much tax needs to be added to a $1 pack?
A:$1.5
B:$0.38
C:$0.75
D:$2.25
答案: $1.5
Market demand relevant to industry marketing expenditure show infinity, is said to be ( )
A:product potential
B:market demand
C:market potential
D:share potential
答案: market potential
( )Occurs when the quantity demanded changes little as price changes
A:Inelastic
B:Elastic
C:Fixed cost
D:unit elastic
答案: Inelastic
Elasticity of Demand means a measure of how responsive consumers are to price changes.
A:对
B:错
答案: 对
Price Floor means a legal minimum price that buyers must pay for a product.
A:对
B:错
答案: 对
If the supply curve is vertical, then the amount supplied is independent of price.
A:对
B:错
答案: 对
The supply curve slopes up and to the right. If the demand curve shifts upward to a new curve which is everywhere higher than the old curve (but possibly of different slope) and if the supply curve does not shift, then the equilibrium price and quantity must necessarily increase.
A:错
B:对
答案: 对
An economic situation is Pareto optimal only if there is no way to make someone better off.
A:错
B:对
答案: 错
The demand for pickles is given by p=131-2q and supply is given by p=5+7q. What is the equilibrium quantity?
A:11
B:19
C:103
D:14
答案: 14
The demand function for fresh strawberries is q = 200-5p and the supply function is q=60+2p. What is the equilibrium price?
A:50
B:20
C:10
D:40
答案: 20
If a quantity tax is collected from competitive suppliers of a good, placing a tax on the good causes the price paid by consumers to increase more than if the tax had been collected directly from the buyers.
A:对
B:错
答案: 错
The demand function for x is D(p) = 65-2p and the supply function is S(p) = 20 + p. The price that should be set to restrict quantity supplied to 30 units is closest to:
A:10
B:50
C:15
D:5
答案: 10
The demand function for rental apartments is q = 960-7p and the supply function is q = 160 + 3p. The government makes it illegal to charge a rent higher than 35. How much excess demand will there be?
A:450
B:726
C:364
D:149
答案: 450
( )factors other than price that locate the position of a demand curve1. consumers’ tastes2. of consumers in the market3. consumers’ incomes4. the prices of related goods5. expected pricesSHIFTS the curve
A:inferior good
B:determinants of supply
C:normal good
D:determinants of demand
答案: determinants of demand
a good (or service) whose consumption declines as income rises and increases as income decreases
increase in income=decrease in consumptiondecrease in income=increase in consumption
A:normal good
B:price floor
C:substitute good
D:inferior good
答案: inferior good
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